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ATLANTA-Two new tenants have signed on for space at Tower Place 100, the 29-story, 611,603-sf property in the Buckhead submarket. The leases have an estimated aggregate value of $11.36 million. The building, which is 80% occupied, was part of an estimated $150-million, three-building acquisition made by the Chicago office of Reef in June, as GlobeSt.com reported at the time.

WPP, an international marketing and communications firm with corporate offices in London and New York City, is taking 42,385 sf for 10 years at an estimated aggregate rent of $8.47 million. Quality Systems Inc., an Irvine, CA-based healthcare technology firm, has renewed and expanded its space to 24,112 sf. That six-year lease has an estimated aggregate rent of $2.41 million, Buckhead brokers reveal.

Tom Miller, first vice president in the Atlanta office of CB Richard Ellis Inc., negotiated for the building’s owner, Tower Place LP. William Propst and David Demarest of Cushman & Wakefield of Georgia Inc. represented WPP. Brokers Jim Kern of Kern Olsen represented Quality Systems.

“Tower Place 100 is one of the few office properties offering direct access to both Peachtree Street and the Buckhead Loop,” says Miller. That factor is “an important transportation consideration for office users over the next two years as Peachtree Street renovations and construction proceeds through Buckhead.” Miller says Buckhead class A office properties currently offering Loop access are 9% vacant, while class A office properties without Loop access are approximately 20% vacant.

Reef bought out the majority equity share in Tower Place from Philadelphia-based Berwind Property Group Ltd. The contract price was not disclosed but brokerage sources in a position to know tell GlobeSt.com the price was about $150 million. Atlanta-based Regent Partners is minority owner in the partnership.

Besides Tower Place 100, the acquisition included Tower Walk, a 163,892-sf retail and entertainment center and the AIU Building, a 60,788-sf mid-rise office structure. The 47-story, $500-million, condo-office-retail tower Regent Partners is developing separately at 3344 Peachtree St. in Buckhead was not part of the Reef acquisition.

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